Gov. John N. Dalton has let it be known that if legislators want to slice a big chunk of money from the revenue side of the budget, they better come up with another source of money or resign themselves to cutting spending.

House Appropriations Committee Chairman Richard Bagley (D-Hampton) cautioned delegates last week what the consequences of such a repeal would bring.

He said he was not speaking of the merits of the plan, but only of the repercussions. He urged that any food tax repeal bill, if passed, be phased in, and by no means made effective for the upcoming 1980-82 budget period beginning July 1.